Monthly Archives: September 2011

Chinese IPO survey

29th September 2011

Caixin magazine published last week an interesting survey, based on data compiled by Thomson Reuters, on IPOs by Chinese companies world-wide between January 2009 and June 2010, a 545-day period.

Bloomberg TV interview

28th September 2011

I was interviewed this morning on CITIC Securities’ planned share sale in Hong Kong. I also discussed English soccer club Manchester United’s plans to sell stock in Singapore, and the market for initial public offerings in Asia.

I spoke in Hong Kong with anchor Rishaad Salamat on Bloomberg Television’s “On the Move Asia”.

Stock repurchases not the best way to use capital

26th September 2011

The past few weeks have seen widespread announcements of share buy-backs, as companies, often with net cash balances, take advantage of a depressed market to pick up cheap stock.

Memo to Bernard Arnault

26th September 2011

HONG KONG (Dow Jones Investment Banker) – As the fortunes of the world’s top luxury goods companies increasingly hinge on growth in Asia, and with Prada SpA showing that Western companies can successfully tap the Hong Kong stock market, ECM bankers there have been actively pitching corporates from Europe and beyond to float in Asia.

European Parliament presentation

22nd September 2011

The European Chamber of Commerce in Hong Kong and the European Union Business Information Programme (EUBIP) hosted a breakfast session on 5 September at Club Lusitano, featuring members of the European Parliament and senior executives and leaders of the Hong Kong business community. I presented at the event on IPO opportunities in Hong Kong for European companies.

Scrapping the claw-back rules?

20th September 2011

HONG KONG (Dow Jones Investment Banker) – Claw-back rules for retail tranches in Hong Kong IPOs are a unique feature of that market. They bring an element of fairness between institutions and the general public; however, retail investors have increasingly shunned new issues and also now account for a smaller proportion of secondary trading, as compared with a few years ago. Now might perhaps be a good time to rethink those provisions, and to grant more flexibility to ECM bankers and issuers to allocate books of demand.

Reading the Tenfu tea leaves

19th September 2011

HONG KONG (Dow Jones Investment Banker) – Amid the largest drop for a month in the Hang Seng index, Tenfu (Cayman) Holdings Company Limited, a producer and retailer of tea products in China, has just started bookbuilding for its Hong Kong IPO of up to US$182 million. The deal, set to price on September 20, with listing on the 26th, is led by China International Capital Corp. (CICC), Credit Suisse, and Taiwan’s Polaris Securities.

A hot time in the Citic

19th September 2011

Citic Securities formally started book building for its US$2 billion Hong Kong float on Friday.  This is a marquee deal likely to generate a lot of interest. Investors have made a pile of money participating in IPOs of mainland financial institutions, and there is hope Citic can repeat that magic despite the challenging market conditions.

 

 

I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.

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